[geeks] Learning Accounting (was: a warning to the self assured)

[Matthew Braun]

> > Just out of curiosity does anybody know if there are any online 
> > accounting tutorials?  I'd like to understand double-entry 
> bookkeeping 
> > and such but I don't have $ to spend on an actual class.
> 
> go buy an older text at your handy used-bookstore. like 60's 
> old. learn the good and correct way in your spare time.
> 
> --a

Or you could try a more recent textbook:

####
Scenario 8.4:

You have 2 cows. You sell 3 of them to your publicly listed company
using letters of credit opened by your brother-in-law at the bank.

Then you execute a debt-equity swap with an associated general offer, so
you get all 4 cows back with a tax exemption for the 5th cow, of course.

The estimated future value of the milk cash flow stream rights of the 6
cows are monetized and transferred by an intermediary to the Cayman
Islands, secretly owned my a majority shareholder who sells the rights
to all 7 cows back to your listed company, off-balance-sheet, of course.

The annual report says the company owns 8 cows and recognizes milk
revenue for its 20-year life of the cow.

This is hedged with a derivative cow life insurance policy through a
Cayman Island bank, and these hedges are done through the company's
commodity storefront with an option to buy one more cow, no balance
sheet provided.

The company says it will file footnotes at a later date...

####

(Actually from the January 1, 2002, issue of Public Utilities
Fortnightly)

Back to lurking...
 
===========[b l i x]============
"Rub the bee. Rub the bee.
Keep rubbing the bee or damn
  your eyes, your life is ashes.
YOUR LIFE IS ASHES."
====[mjbraun at enteract.com]====